Celsius (CEL) price surges 130% despite network account freeze

The Celsius Network’s native cryptocurrency — CEL — has surged more than 130% in the past 24 hours. The surge came as the cryptocurrency market eased after several days of steep declines.

The value of Celsius coin fell by more than half to $0.20 on June 13. Since then, CEL has gained an upward trajectory.

The price of CEL is up a staggering 375% from the previous week, the largest gain among the top 100 cryptocurrencies. As of this writing, the coin has an average price of $1.51.

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Celsius (CEL) 24-hour trading volume soars above 400%

Its 24-hour trading volume surged more than 400% to $66.7 million. According to Coinglass statistics, about $1.78 million worth of CEL holdings were liquidated as a result of the mega-deal.

News that the Celsius Network has begun repaying some of its obligations, returning $10 million in DAI to Compound Finance, and a public commitment to work with regulators to improve liquidity and operations may help the broader cryptocurrency industry gain traction .

Celsius has made numerous other repayments and closed positions with lenders over the past week, according to Etherscan.

Crypto total market cap at $926 billion on the daily chart | Source: TradingView.com

The CEL token has experienced dramatic ups and downs over the past two weeks. A week ago, it was trading at around $0.3183 against the backdrop of a market rout, believed to be the result of the Celsius team’s decision to halt cryptocurrency withdrawals.

CEL remains in position in green

However, CoinMarketCap data shows that Celsius remained in the green last week, even though most cryptocurrency markets were in negative territory until two days ago.

In a recent blog post, Celsius informed the community that it will coordinate with regulators to find a solution to the still-banned withdrawals, transfers, and swaps.

Experts believe that the doubling of the CEL token price is the result of a short squeeze. About 87% of the CEL token supply is apparently frozen on its own network, while withdrawals remain suspended. Celsius tokens were heavily shorted on the FTX platform.

In a June 20 blog post, the network said:

“It has been a week since we suspended withdrawals, exchanges and transfers. We want our community to know that our goal remains to stabilize our liquidity and operations. This process will take time.”

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Featured image from Reader’s Digest, chart from TradingView.com

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